Posts Tagged ‘insider trading’

Billionaires accused of insider trading

Friday, July 30th, 2010

From our “No way, I would’ve never guessed that a billionaire might resort to stealing” files.

Sam and Charles Wyly, Dallas billionaire investors known for their support of conservative candidates and causes, made $550 million in undisclosed profits through 13 years of insider trading, according to a Securities and Exchange Commission lawsuit filed Thursday. (more…)

Thai ex-prime minister is stripped of $1.4 billion

Friday, February 26th, 2010

Full story here. Thieving billionaire politician receives serious public paddling. But is still a billionaire, just less so. At least there’s some adjustment for outright thievery.

Thailand’s Supreme Court has ruled that former PM Thaksin Shinawatra’s family should be stripped of more than half a contested $2.3bn fortune.

The court said $1.4bn (£910m) of the assets were gained illegally through conflict of interest when Mr Thaksin was prime minister.

The funds were frozen after Mr Thaksin’s elected government was overthrown in a military coup in 2006.

Mr Thaksin, who is living abroad, has denied any wrongdoing.

The Supreme Court said “to seize all the money would be unfair since some of it was made before Thaksin became prime minister”. (more…)

We are in a depression, not a recovery

Tuesday, January 26th, 2010

Full story here from The International Forecaster. And my own personal (don’t-hold-it-against-me) opinion is that were going to probably end up with another equities crash similar to last March–no doubt coincident to calls to either audit the Fed or try to get some honest people onto critical posts. Remember, the names of those stealing the welath of the country are datums of National Security, not to be disclosed for fear of rain of frogs (or something like that).

“Accept that we are now in a depression, Stock Markets still grossly overvalued, poverty rates increase across midwest, a lots opportunity to regulate the banks,Goldman Sachs reports record profits and still bonusing employees richly, mainstream America goes on a financial diet, suburbs now home to American poor. (more…)

Avalanche of insider stock selling

Wednesday, August 19th, 2009

Article here.

What’s the “message” of the market here? Over the last two weeks corporate insiders have dumped over $2.1 billion in stock vs. $73.1 million in buys. I’m not sure I’ve ever seen the ratio of insider sells vs. buys this skewed toward officers and directors looking for the exit door. Talk about the captain jumping into the lifeboat and speeding away before the ship sinks….

Given that the trailing, “as reported” price/earnings ratio is now 144, or substantially above the peak p/e ratio on the Nasdaq at the top of the tech bubble, what is the market trying to tell us?

Think about that when you call up your financial advisor or broker and tell him you want get out of the stock market.